English law underpins hundreds of trillions of pounds of world trade, and its global popularity gives UK businesses an advantage because of lower transaction costs, a report by LegalUK has found
The report, based on research by economics consultancy Oxera, reveals English law governed at least €661.5 trillion of OTC derivatives in 2018, $11.6 trillion of global metals trading in 2020, and £250 billion of global M&A in 2019. It is the law of choice for maritime contracts (contributing £15bn annually to the UK economy) as well as governing insurance contracts worth £80 billion.
‘This is the first time anyone has looked at the economic value and contribution of English Law as distinct from legal services,” said Guy Beringer, a director of LegalUK, which promotes English law.
‘It is extraordinary to see laid out in economic terms the extent to which English law is an underappreciated asset and platform that provides huge economic value not only to the UK, but also the global economy.’
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